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Shashi Kiran Shetty founded Allcargo Logistics as a cargo handling operator at Mumbai port. Initially Allcargo Logistics was a shipping agency house and provided freight forwarding services. Allcargo’s first acquisition was of the Belgium-based ECU Line, spanning three stages from 2005-06. ECU Line in June 2005, increased its stake to 49. Jan 2006 with an option to increase the stake further, and acquired the remainder in Jun 2006, making Allcargo Logistics one of the largest NVOCC in the world. ECU Line’s revenues at the time of the acquisition were 4.